Cengage revenues drop 6% in Covid year

Cengage revenues drop 6% in Covid year

Cengage saw a 6% revenue drop in the year ending 31st March 2021, according to preliminary results released by the publisher. However, the fourth quarter saw the company return to revenue growth, with c.e.o. Michael Hansen saying the financial year's close marked a "milestone" for the business.

The unaudited results reveal a revenue total of $1,262m (£889.1m) for the latest financial year, down from $1,339m (£943.5m) in the previous period. Adjusted cash EBITDA (earnings before interest, taxes, depreciation, and amortisation) was "broadly flat" compared to the previous year, Cengage said.

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